Prominent Analyst: Bitcoin May Have Established Mid-Term Bottom

Bitcoin has incurred some upwards momentum today after facing growing selling pressure around $10,000. BTC’s ability to hold above this price level may be a bullish sign, as it signals that bears do not currently have enough strength to send the crypto back to its next major support level in the lower-$9,000 region.

This bullish response to $10,000 has led one prominent analyst to express that he believes BTC has established a mid-term bottom, which may mean that today’s surge marks the beginning of the next uptrend.

Bitcoin Run Past $10,300 as Buyers Build Strength

At the time of writing, Bitcoin is trading up nearly 3% at its current price of $10,310, which marks a decent surge from its 24-hour lows of $10,000 that were set yesterday.

It is highly likely that BTC will find some levels of selling pressure in the upper-$10,000 region, as it has faced multiple rejections at this price region over the past several weeks.

The bullish response to $10,000 signals that this price level remains a key psychological support level and may also signal that further gains are imminent in the coming weeks and months.

UB, a popular crypto analyst on Twitter, explained in a recent tweet that Bitcoin’s technical formations are currently flashing multiple bullish signs, which has led him to add to his current long position.

“$BTC – Long from $10,104. I decided to take a more aggressive entry based on my analysis that the temp bottom was in. I entered just above Yesterday’s Daily Open – it was a key intraday S & R level. Most recent hourly closed above the Range Low – looking to add to my long,” he noted.

$BTC – Long from $10,104. I decided to take a more aggressive entry based on my analysis that the temp bottom was in.

I entered just above Yesterday’s Daily Open – it was a key intraday S & R level.

Has BTC Established a Mid-Term Bottom?

UB is not alone in his bullish assessment of Bitcoin’s current price action, as Flood – a highly prominent trader who has correctly predicted multiple major movements in the crypto markets – said in a recent tweet that he believes the crypto’s recent drop to the lower-$9,000 region may have marked a mid-term bottom.

“First the time in a couple weeks bitcoin actually looks relatively bottomed on medium timeframes. I’m long,” he explained while pointing to the below chart

First the time in a couple weeks bitcoin actually looks relatively bottomed on medium timeframes.